Interactive Brokers vs XM vs HotForex - Fees Review included
| Feature | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Overall |
4.9 |
4.5 |
4.6 |
5 |
4.9 |
4.5 |
|
4.9 |
4.3 |
4.4 |
|
5 |
4.4 |
4.6 |
|
Investment Instruments |
4.2 |
4.4 |
4.1 |
Platforms and Charting Tools |
5 |
4.6 |
4.9 |
Deposit and Withdrawal |
4.1 |
4.7 |
4.4 |
Research |
4.7 |
5 |
4.8 |
Education |
4.5 |
5 |
4.8 |
Support |
4.2 |
4.6 |
4.4 |
Bonuses |
3.1 |
5 |
4.2 |
|
|
|
|
Interactive Brokers vs XM vs HotForex: Pros and Cons
The biggest international broker
XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted 3,5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.
HotForex (HotForex.com) is a broker owned by the HF Markets Group, offers a wide variety of account types, and has the widest selection of trading assets and high-quality software. HotForex also has favorable trading conditions and instant execution of orders. Plus, a solid list of tools and services allow everyone to choose the best option. The broker's reliability is confirmed by the license of several regulators. The company's work experience in the financial, brokerage and other services market is over 10 years. Within that time, Hot FX has received 35 prestigious awards. For trading, MetaTrader 4 and MetaTrader 5 trading terminals are used.
| Interactive Brokers | XM | HotForex | |
|---|---|---|---|
| Overall Pros | Access to 135 markets in 33 countries | Well-Regulated broker | favorable trading conditions and low spreads - from 0 pips |
| 30.000+ trading instruments | Strong research tools | controlled by several regulators | |
| Regulated in the US, UK and 8 other countries | Strong education | no commissions for account replenishment and bank transfers | |
| Advanced trading platform | Big Forex bonuses | 1200+ supported assets | |
| Free stocks for registration | Free deposit and withdrawal | 100% bonus | |
| Low fees | Instant withdrawal | Advanced tools for money managment and analysis | |
| Low margin rates | 1000+ trading assets | ||
| Nasdaq Listed company | |||
| 25 supported account currencies | |||
| Overall Cons | long and complex registration procedure | High spreads | Withdrawal terms do not always correspond to those indicated |
Interactive Brokers vs XM vs HotForex: Safety and Regulation
| Regulated By: | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Tier-1 |
Investor protection |
$500,000 £85,000 |
£85,000 €20,000 |
£85,000 €20,000 |
FCA UK Regulation |
Yes |
No |
No |
FINRA (U.S) |
Yes |
No |
No |
BaFin (Germany) |
No |
No |
No |
ASIC (Australia) |
Yes |
No |
No |
CFTC (U.S) |
Yes |
No |
No |
MAS |
Yes |
No |
No |
FSCA SA |
No |
Yes |
Yes |
BVI FSC |
No |
No |
No |
VFSC |
No |
No |
No |
FSA (Seychelles) |
No |
Yes |
Yes |
Interactive Brokers vs XM vs HotForex: Trading Conditions
| Trading Conditions | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Minimum Deposit |
$0 |
$5 |
$5 |
Trading Platforms |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
MT4, MT5 |
MT4, MT5 HotForex FIX/API |
Max Leverage (Futures) |
1-50 |
1:888, 1:30 (for EU, UK clients) |
1-1000 |
Supported Markets |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds |
Forex, CFDs on indices, commodities, crypto, metals, stocks |
Forex, Stocks, ETFs, CFDs on commodities, indices, shares, crypto, metals |
Trading assets |
30000+ |
1300+ |
1200+ |
Trading Accounts |
Cash account, margin account |
Micro, Standard, Ultra Low, Zero |
Demo, Micro, Premium, Zero Spread, Auto, PAMM (Premium), HFcopy, Islamic account |
Base Account Currencies |
USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
EUR, USD |
Interactive Brokers vs XM vs HotForex: Fees
| Fee | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
0,7 |
0,7 |
Standard acc. spread EUR/USD, max pips |
0,8 |
1,2 |
1,2 |
ECN Commission |
2 |
3,5 |
3,5 |
ECN Spread EUR/USD |
0,2 |
0,2 |
0,2 |
Deposit fee, % |
No |
No |
No |
Withdrawal fee, % |
Yes |
No |
No |
Withdrawal fee, USD |
Yes |
No |
No |
Inactivity fee, $ |
No |
10 |
10 |
Interactive Brokers vs XM vs HotForex: Trading Assets
| Asset Name | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Overall |
30000+ |
1300+ |
1200+ |
Forex |
Yes |
Yes |
Yes |
Stocks |
Yes |
Yes |
Yes |
Metals |
Yes |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes |
Yes (CFD) |
Yes |
Bonds |
Yes |
No |
Yes (CFD) |
Mutual funds |
Yes |
No |
No |
Stock options |
Yes |
No |
No |
Futures Trading |
Yes |
No |
No |
Binary Options |
No |
No |
No |
Interactive Brokers or XM or HotForex: Investment Programs
| Asset Name | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Copy Trading |
No |
Yes |
Yes |
MAM/PAMM |
No |
No |
No |
Managed Accounts |
No |
No |
No |
Other |
Robo-portfolios, hedge funds, Bonds |
No |
Bond CFDs |
Trading Platforms: Interactive Brokers or XM or HotForex
| Interactive Brokers | XM | HotForex | |
|---|---|---|---|
MT4 |
No |
Yes |
Yes |
MT5 |
No |
Yes |
Yes |
cTrader |
No |
No |
No |
Appropriate platform |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
No |
HotForex FIX/API |
Others |
No |
No |
No |
|
|
|
|
Interactive Brokers vs XM vs HotForex: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Bank Wire |
Yes |
Yes |
Yes |
Bank Card |
No |
Yes |
Yes |
Neteller |
No |
Yes |
Yes |
BTC |
No |
Yes |
Yes |
Wise |
Yes |
No |
No |
Payoneer |
No |
No |
No |
USDT |
No |
Yes |
Yes |
Interactive Brokers vs XM vs HotForex: Research
| Research Type | Interactive Brokers | XM | HotForex |
|---|---|---|---|
News Feed |
Yes |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Yes |
Trading Ideas |
No |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Yes |
Interactive Brokers vs XM vs HotForex: Education
| Education Type | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Yes |
Webinars |
Yes |
Yes |
Yes |
Articles |
Yes |
Yes |
Yes |
Videos |
Yes |
Yes |
Yes |
Cent account |
No |
Yes |
Yes |
Interactive Brokers vs XM vs HotForex: Support
| Support Features | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Working Days |
24/5 |
24/5 |
24/5 |
Yes |
Yes |
Yes |
|
Phone |
Yes |
Yes |
yes |
Online chat |
Yes |
Yes |
Yes |
Other |
Community forum, Software bug reports |
No |
No |
Interactive Brokers vs XM vs HotForex: Forex Bonuses and Promo
| Promo | Interactive Brokers | XM | HotForex |
|---|---|---|---|
Forex Bonus |
No |
up to $5000 forex bonus, up to 100% forex deposit bonus |
Super Charged bonus. Daily discounts of USD 2 per lot for deposits from USD 250. The maximum payout is $8,000. The calculation is made automatically, after which the funds can be withdrawn by the client or used for trading on the market. Credit bonus Provides an increase in leverage for a certain trading volume. |
Affiliate Program |
As Referrer you can earn up to USD 1000 of IBKR stock. The Refer a Friend program allows eligible IBKR clients to refer people to IBKR for a flat fee payment. Residents of Japan, Spain and Israel are not eligible to participate in the program. |
Multi tier affiliate program |
Affiliate Partners and Introducing Brokers (IB) program. The program is available to organizations and individuals around the world. It provides for making a profit in the form of a reward for attracting new customers to the broker. Under the terms of cooperation, the company provides support by assigning a manager to each introduced broker. Also, the broker can assist in performing calculations, provide the necessary software and guarantee a high level of service. Regional representatives are an option for pros who can help promote the company at the regional level and take on the responsibilities of managing an office in the region, providing brokerage services on behalf of HotForex. White Label is a program that will be especially interesting for financial institutions and consulting firms. It makes it possible to provide services under its own brand and get individual partnership conditions. |
Other Promos |
no |
||
|
|
|
|
Top 5 Reviews on Interactive Brokers
-
Comment
What stands out for me with Interactive Brokers is their mobile app. I use the IBKR Mobile app a lot when I’m not at my desk, and it offers pretty much the same experience as the desktop version. The ability to trade everything from stocks to options while on the go is a huge plus. It also has features for international trading, which makes it easy for me to handle trades across multiple markets. The app’s interface is straightforward and user-friendly, allowing me to monitor my portfolio, execute trades, and even access research tools seamlessly. While it might lack some advanced charting features, it’s still one of the most versatile apps I’ve used, especially for global traders like me
-
Comment
I am a client of interactivebrokers and I have never faced any problems during the whole time. I am completely satisfied with the service: the staff is always friendly, responsive and ready to help, which really leaves a good impression. Special thanks to the operators - their attentive attitude to people creates a feeling of care and support. It is a pleasure to work with a company that values its customers and does everything for comfortable service!
-
Comment
As far as my experience is concerned with Interactive Brokers, the thing I love most is the sheer variety of markets available. The GlobalTrader app lets me trade in over 90 different markets, which is super convenient for someone like me who likes to diversify. The interface might feel overwhelming at first, especially on Trader Workstation, but once you get the hang of it, it’s extremely powerful. I also appreciate the competitive pricing and order options that help keep my trading costs low.
-
Comment
Interactive brokers offer a huge variety of trading instruments, which is certainly pleasing. The opportunities for trading and diversification here are excellent. However, there is one minus - the website interface is only partially translated into other languages, and it is a bit disappointing. It would be more convenient if the whole platform was available in different languages, especially for traders who do not speak English.
-
Comment
Interactive Brokers provides access to 135 markets from 33 countries, which is a huge advantage. This allows traders to easily diversify their portfolios and find opportunities around the world. I am very pleased with this broad coverage and the ability to trade in a multitude of international markets.
Top 5 Reviews on XM
-
Comment
It’s a cool broker and it works really well especially because the support are helpful, professional and available 24/7.
-
Comment
I discovered XM Group through the Traders Union rankings — the company ranked among the top brokers. I was impressed by the range of instruments: over 1,000 tradable assets, including 55+ currency pairs, stocks, indices, commodities, and even palladium and platinum. Spreads are very tight, with no markup on most pairs. I especially appreciated the execution speed: 99.35% of orders are filled in less than a second, and I can confirm that personally — I haven’t experienced any delays or requotes. Over the past four months, I’ve made around $700 trading currencies and commodities.
-
Comment
I've been trading with XM Group for just over a year. I chose this broker based on reviews and the fact that it holds multiple licenses — ASIC, CySEC, FSC, and DFSA. I really liked the low minimum deposit of just $5, which meant I didn’t have to risk a large amount. I started with a micro account where 1 lot equals 1,000 units — perfect for beginners. I’m satisfied with the spreads: on EUR/USD they start from 0.8 pips, and there are no fees for deposits or withdrawals, which is quite rare. Over the year, I’ve withdrawn about $900 in profit — the funds arrived quickly, with a maximum wait of 2 days.
-
Comment
XM Group is a great choice for active trading thanks to its transparent commission policy and no requotes. Over 5 million traders have chosen this broker — an impressive number. I made about 70 trades in a month, all executed in under a second with no requotes. MQL5 trading signals can be integrated directly into the terminal, making it easy to test ideas from other traders. A $5 minimum deposit and a wide range of assets make XM Group a versatile option for both beginners and professionals.
-
Comment
I liked that XM Group operates under licenses from four regulators at once: ASIC, CySEC, FSC, and DFSA. This inspires confidence. Fast execution was important to me — the broker claims 100% order execution, and in practice trades close at the prices I see in the terminal. Spreads are minimal — for major pairs they stay around 0.8–1 pip. Support is always available on weekends and helped me with account verification questions.
Top 5 Reviews on HotForex
-
Comment
HFM offers attractive trading conditions: spreads from 0.2 pips on EUR/USD, both market and instant order execution, and a wide range of instruments — from Forex to bonds and ETFs. The minimum order size is 0.01 lots. There’s support for mobile trading and an affiliate program. One downside is that withdrawals through systems like Skrill and Neteller are not supported, which limits flexibility for some traders. Nevertheless, the availability of a demo account and educational materials is a definite plus for beginners.
-
Comment
hfm stands out for its reliable trading environment with consistently low spreads on top pairs like eurusd and usdjpy making it cost friendly for active traders withdrawals are processed quickly and you can choose from several methods including local bank options credit cards and popular online wallets the platform is easy to navigate and offers good tools for analysis whether you are new or experienced in forex their trading conditions are stable with good leverage options and no major issues during high volatility sessions
-
Comment
I have been trading with hfm for more than one year and mainly trade gold and some major pairs like EUR, GBP, JPY etc. The spreads are quite competitive and execution is also fast. Sometimes i also put limit orders when i am usually away from the main screen so it works. I am quite satisfied with their services.
-
Comment
I've been using HFM for a few months now and honestly, it’s been pretty smooth. The app is easy to use and withdrawals are fast. I like that they have local deposit options too.
-
Comment
HFM broker is claimed to have a high degree of security - it is regulated by FCA, DFSA, FSCA, FSA and CMA, which ensures compliance with international requirements. Leverage reaches 1:2000, which will suit both aggressive traders and those who work on lower volumes. However, actual withdrawals may take longer than promised and support does not work on weekends. The broker also offers PAMM accounts and hedging strategies, but the choice of electronic payment systems for depositing is limited.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.